25 Nov The Stay Interview Process
Many companies go to great lengths to recruit top candidates, but in many cases once their new talent is hired, they lose focus of retaining those employees. Any organization can offer attractive compensation packages or talk about the incredible corporate culture and company incentives, but if the employee doesn’t find the desire to stay, all of their efforts will be worthless. A simple and easy way to promote employee retention is to complete a stay interview process on an annual basis.
How does the Stay Interview Process work?
Unlike employee surveys which only address engagement and retention from a group perspective, the Stay Interview process is designed to promote engagement on a one to one level with the employee. A Stay Interview is a structured one on one conversation between a manager and their direct report designed to identify how the company can retain the employee and evaluate overall flight risk. There are 5 key questions asked to elicit honest, valuable responses to truly understand the employee’s motivations to work for (and stay with) the company. Additional “probing” questions are helpful to draw out more specific detail from answers that are too general.
Who should participate in Stay Interviews?
Stay Interviews should be conducted twice a year for new hires and at least once a year for all other employees. Stay Interviews should be facilitated by an employee’s direct report, not HR. Ultimately, the line managers are responsible for retention of their team so they should be the ones conducting Stay Interviews. It will help them build a better relationship, and as a result, better retention.
What are the benefits to using a Stay Interview System?
In many cases when an employee makes the decision to leave a company, it is not due to the lack of a gym or the number of vacation hours that are provided. Instead, it is more common for an employee to have a more substantial complaint against the organization or leave because of a poor relationship with their direct boss. In many cases, management may not be aware of issues that individual employees are having. The stay interview process gives the employee a chance to be heard, and it gives upper management the opportunity to correct some of the issues that may be causing employees to be unhappy.
Talent recruitment is a prime concern for human resources, but you also want to take steps to keep your talent working for you once they are hired. The stay interview process is designed to give employees the chance to air their concerns in an open way. This process can help improve engagement, morale and dramatically reduce your turnover costs.
HRsoft – The Stay Interview System Leader
HRsoft is a leading provider of stay interview software for mid to large sized companies in North America. To learn more about our Stay Interview Software, STAYview™, visit us at http://hrsoft.com.